为什么比特币价格上涨“无法拯救”濒临消亡的数字资产国库

比特币近期价格上涨7%至94,000美元,但市值排名前100的比特币国债中,近40%的交易价格仍低于净资产值(mNAV),凸显了mNAV悖论的日益严重。随着比特币涨幅超过股票涨幅,mNAV比率下降——例如,比特币价格上涨7%使持有量增至9500万美元,但市值仅上涨3%至1.03亿美元,导致mNAV比率从1.12倍降至1.08倍。由于五分之三的国债在六位数以上的交易中处于亏损状态,市场信心正在下降。CoinShares的Satish Patel表示:“一波上涨行情并不能拯救所有公司。”他指出,该行业正在走向选择性的赢家通吃格局,只有值得信赖的投资者才能发行新债。

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